Olalekan Jacob Ponle popular known as Woodberry, an ally of internet fraudster Ramon Abbas fondly known as Hushpuppi, has pleaded guilty to fraud charges levelled against him in a US court.
It was gathered that part of his plea bargain includes the forfeiture of his luxury cars, watches and expensive fashion accessories — four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains — to the US government.
The duo were arrested in 2020 for extensive international online scams in Dubai, the United Arab Emirates, and were flown to the United States to face separate trials.
Hushpuppi, who initially pleaded not guilty, changed his plea to guilty in April 2021, just before a full-blown trial was to begin.
The US district court for Central California where prosecutors charged him, jailed him for 11 years and ordered him to pay $1.7 million restitution in November 2022.
Woodberry also first pleaded not guilty to the eight-count fraud charge for engaging in a scheme known as business email compromise (BEC). But he made a U-turn to plead guilty to one count of wire fraud, during a change of plea hearing at the US District Court for Northern Illinois this April.
According to his plea agreement, Woodberry was required to repay the $8 million he fraudulently received from the seven companies that fell for his scam.
“Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offence,” the document containing Woodberry’s signed plea declaration reads.
Woodberry was also asked to waive his rights to the luxury cars and designer watches he had stashed in Dubai.
The high-end automobiles include Rolls Royce Cullinan with vehicle no J9153, Lamborghini Urus (N4973), and Mercedes-Benz G-class (G68816).
Other items seized are four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
Last year, he had forfeited 151.8 Bitcoin, roughly $6 million, to the US government, determined to recover all stolen monies from the Nigerian fraudster.
The judge, Robert Gettleman set July 11 for sentencing after accepting the plea agreement Woodberry entered into with US prosecutors.
The judge referred the case to the Probation Department for a pre-sentence investigation and report, which would guide his decision on the appropriate sentence to impose.